Labour’s Pensions Minister, Torsten Bell, has suggested that a review of the state pension may be necessary, though he ruled out scrapping the triple lock or introducing means-testing for pensioners.
Speaking at the Pensions and Lifetime Savings Association (PLSA) conference in Edinburgh, Bell emphasized that any review should be “as broad as possible” and consider both state and private pensions together.
Bell acknowledged the state pension’s importance, noting it is “relied on by an increasingly large number of people.” However, he hinted at potential reforms, stating, “There is no way to consider adequacy [the amount people are saving towards their pension] that doesn’t integrate thinking about both state and private pensions.”
Despite this, Bell dismissed the idea of means-testing the state pension, saying, “No, only Kemi Badenoch thinks that’s a good idea.” He also confirmed that Labour has no plans to abandon the triple lock, which guarantees that pensions rise by the highest of inflation, average earnings, or 2.5%. Under the triple lock, the state pension will increase by 4.1% in April, taking the weekly payment to £230.30, or £11,975 annually.
The triple lock has been a key policy since its introduction in 2010, but its long-term sustainability has been questioned due to rising costs. Bell warned that tough decisions on pensions may be necessary, stating, “The country’s in a hole, and the public are really fed up.” He rejected calls for an all-party commission, insisting that the Labour government must take responsibility for finding solutions.
Bell defended recent tax decisions as necessary, despite potential risks, and warned that failing to address public concerns could undermine faith in mainstream politics. “If we don’t sort it, their faith in mainstream politics is being undermined,” he said. “Otherwise, you will all be saying to me in 10 years’ time, how come people are voting for mad people? And the answer will be, because we didn’t deliver the change that was needed.”
The debate over the state pension’s future comes amid broader concerns about the UK’s aging population and the financial pressures on public services. While Bell has ruled out some controversial measures, his comments suggest that Labour is open to exploring reforms to ensure the system remains sustainable in the long term.
